CIMB Bank Philippines Doubles Its Customer Base with 800% Increase in Deposits for 2020

CIMB Bank Philippines doubles its deposit customer base to exceed 3 million total banking customers with a strong 800% increase in deposits balance sheet, and with 30% of these deposit customers claiming CIMB to be their first bank account. This is in line with CIMB’s aspiration to make banking more accessible to all Filipinos.

Amidst the pandemic, average balance per customer and average cash-in per customer increased by 350% and 400%, respectively as the bank continues its mission to encourage more Filipinos to save and to promote financial literacy.

According to CIMB, 90% of survey respondents are looking for best deposit interest rates while 75% prioritize ease of opening a bank account. Additionally, more than half are looking for bonus insurance coverage. These three features have been the core of CIMB Bank Philippines’ customer value proposition with its 4% savings interest rate, 10-minute bank account opening process, zero fees and on top of all that, a bonus free insurance coverage that is accorded to eligible customers to ensure that while they save, they are also protected with insurance.

Just recently, to serve a wider customer base and to ensure more Filipinos have access to protection via insurance coverage, CIMB Bank Philippines improved its insurance offering.

Previously, customers needed to have a minimum P100,000 balance to be eligible. Now CIMB and GSave depositors just need to maintain P5,000 to get a free life insurance coverage that’s worth their average daily balance of up to P250,000.

“By continuously improving our products, we enable Filipinos to seize their life goals by providing them with the best-in-market deposit products that allow them to earn as high as 4% interest rate per annum coupled with free life insurance of up to P250,000.” We want to give back to more Filipinos who work hard to earn and save. We strongly believe this is the foundation of getting more people to move forward in their lives,” said CIMB Bank Philippines Chief Executive Officer Vijay Manoharan.

On the other hand, CIMB Bank Philippines’ full digital personal loan applications grew by 160% while loan disbursement saw a robust growth of 500%. Over 60% of these successful loan applicants claim CIMB to be their first bank loan indicating a shift in borrowing into the formal lending sector which allows for ease of access to credit which was previously unavailable.

This growth is driven by CIMB’s all-digital, quick loan application experience all on the mobile app –an attribute that is important to its loan customers. Additionally, CIMB Bank Philippines aggressively promotes responsible borrowing to ensure each of its loan customers manages their credit wisely. Along with its continued push on product innovation, CIMB has introduced a first in the market Loan Loyalty Program. This program rewards customers with good payment behavior with up to 30% interest rebates.

CIMB’s Loan Loyalty Program is open to all CIMB deposit account holders who will apply and get approved for a loan on or before March 31, 2021.

To date, CIMB Bank Philippines has accumulated 23 international awards in just 24 months, making it the most awarded digital bank in the Philippines.

CIMB Bank Philippines plans to launch new, exciting and revolutionary products and services in 2021 to further change the banking landscape and give more Filipinos access to banking products and services and stay true to keeping its position as the country’s top digital bank.